There seems to be no end in sight for the Asian ECM bout of depression. Above all, it’s been a pretty miserable year so far for IPOs, in sharp contrast to new listings activity in other parts of the world. read
HONG KONG (Dow Jones Banking Intelligence)— Singapore Exchange Ltd (the SGX) has just introduced a new set of rules for admission to listing on its main board. This makes perfect sense and also addresses one of the exchange’s key weaknesses: a lack of liquidity caused by the presence of too many smaller, and lower quality, issuers. Hong Kong Exchanges and Clearing Limited (HKEx) should take notice. read
HONG KONG (Dow Jones Banking Intelligence) – Citigroup Inc.’s sale of its remaining stake in Housing Development Finance Corp (HDFC) comes as no surprise amid rising markets combined with a pressing need to find extra capital. Other Western firms have already been there in China over the last couple of years. Meanwhile Asian houses are seizing the opportunity to grow, on the back of their Western peers’ renewed asset dumps. read
HONG KONG (Dow Jones Investment Banker) – Having postponed a listing in Hong Kong three times (including in March this year), coal and iron ore behemoth Resourcehouse Limited has just delayed the start of the public offer for its multi-billion dollar IPO to May 30, from an initial date of May 26, with pricing now scheduled for June 3. It might be fourth time lucky for the listing this time around, but perhaps CEO Clive Palmer will need to wait – and try yet again.
HONG KONG (Dow Jones Investment Banker) – It’s been an eventful week in the otherwise cozy world of stock exchanges. But to what extent will the latest round of M&A benefit ECM bankers who underwrite stock offerings for their clients?
HONG KONG (Dow Jones Investment Banker) – As the Stock Exchange of Hong Kong continues to attract a wide array of Chinese issuers as well as, increasingly, international companies looking to tap Asian investors, proposed changes to boardroom rules are very welcome and long overdue.
HONG KONG (Dow Jones Investment Banker) – Singapore Exchange Ltd (SGX), dwarfed by a number of its Asian rivals, is sparing no efforts to compete on a regional stage. But its introduction of remote trading is likely to have only a marginal impact.